Tiptree Advisors LLC Acquires New Shares in CSX Corporation $CSX

Key Points

• Tiptree Advisors LLC acquired 257,500 CSX shares during the second quarter, valued at approximately $12.2 million and representing 7.6% of its portfolio. Institutional investors collectively own 73.57% of CSX.
• Analyst sentiment remains favorable, with 18 Buy ratings, seven Holds and one Sell; CSX has a consensus “Moderate Buy” rating and an average price target of $51.31.
• CSX exceeded quarterly expectations, reporting $0.54 EPS and $3.94 billion in revenue, up 10.1% year over year. The company also declared a quarterly dividend of $0.14 per share, equating to a 1.1% annualized yield.

Tiptree Advisors LLC acquired a new position in shares of CSX Corporation (NASDAQ:CSX - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 257,500 shares of the transportation company's stock, valued at approximately $12,239,000. CSX accounts for 7.6% of Tiptree Advisors LLC's holdings, making the stock its 4th biggest holding.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CSX. N.E.W. Advisory Services LLC acquired a new position in CSX in the second quarter valued at about $27,000. WFA of San Diego LLC acquired a new stake in shares of CSX during the second quarter worth about $28,000. Manning & Napier Advisors LLC acquired a new stake in shares of CSX during the second quarter worth about $30,000. Arlington Trust Co LLC lifted its holdings in shares of CSX by 58.0% during the 2nd quarter. Arlington Trust Co LLC now owns 681 shares of the transportation company's stock valued at $32,000 after purchasing an additional 250 shares in the last quarter. Finally, First Bancorp Inc ME bought a new position in shares of CSX during the 2nd quarter valued at about $33,000. 73.57% of the stock is currently owned by institutional investors.

Insider Buying and Selling at CSX

In other CSX news, SVP Michael S. Burns sold 13,000 shares of the business's stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $52.68, for a total transaction of $684,840.00. Following the sale, the senior vice president directly owned 59,643 shares of the company's stock, valued at $3,141,993.24. The trade was a 17.90% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Kevin S. Boone sold 136,708 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $46.70, for a total transaction of $6,384,263.60. Following the transaction, the chief financial officer owned 208,622 shares of the company's stock, valued at approximately $9,742,647.40. This represents a 39.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 189,708 shares of company stock worth $9,132,304 in the last three months. 0.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on CSX shares. Royal Bank Of Canada reissued an "outperform" rating and set a $54.00 target price (up from $51.00) on shares of CSX in a research note on Thursday, July 23rd. Citigroup lifted their price target on shares of CSX from $53.00 to $54.00 and gave the company a "neutral" rating in a research note on Friday, July 24th. Argus set a $56.00 price target on shares of CSX in a report on Friday, July 31st. Wells Fargo & Company increased their price objective on shares of CSX from $50.00 to $54.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 8th. Finally, Truist Financial set a $46.00 price objective on shares of CSX in a report on Friday, July 10th. Eighteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, CSX has a consensus rating of "Moderate Buy" and an average target price of $51.31.

CSX Trading Up 0.5%

NASDAQ CSX opened at $51.76 on Thursday. CSX Corporation has a 52 week low of $31.80 and a 52 week high of $53.60. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.72 and a current ratio of 0.82. The stock's 50 day moving average price is $49.68 and its two-hundred day moving average price is $45.45. The stock has a market capitalization of $95.88 billion, a price-to-earnings ratio of 29.92, a PEG ratio of 2.35 and a beta of 1.21.

CSX (NASDAQ:CSX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.02. CSX had a net margin of 22.21% and a return on equity of 24.98%. The company had revenue of $3.94 billion during the quarter, compared to analysts' expectations of $3.89 billion. During the same period last year, the business earned $0.44 EPS. The business's quarterly revenue was up 10.1% on a year-over-year basis. As a group, analysts anticipate that CSX Corporation will post 2 earnings per share for the current fiscal year.

CSX Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be issued a dividend of $0.14 per share. The ex-dividend date is Monday, August 31st. This represents a $0.56 annualized dividend and a yield of 1.1%. CSX's dividend payout ratio is presently 32.37%.

CSX Profile

CSX Corporation is a leading North American transportation company that provides rail-based freight services and supply-chain solutions. Its operating subsidiary, CSX Transportation, moves a wide range of goods for customers across multiple industries, using a combination of long-haul rail service, intermodal operations and terminal and yard services. The company focuses on delivering efficient, reliable freight transportation between major production centers, consumption markets and port gateways.

CSX's freight portfolio includes intermodal containers and trailers, bulk commodities, industrial products and specialized unit trains.

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